investment banking & securities offered through sdr ... · 6/17/2019 national veterinary...
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Investment Banking & Securities Offered Through SDR Capital Markets, Inc., Member FINRA & SIPC.
Date Target B uyer (s ) SegmentAmount
($ in Mi l )
TEV/
Rev
TEV/
EB ITDA6/17/2019 National Veterinary Associates JAB Holding Co. SARL Veterinary Services - - -
6/1/2019 Hero Pet Brands LLC M anna Pro Products LLC; M organ Stanley
Capital Partners
Animal Health - - -
5/23/2019 C.J. Foods, Inc. Bain Capital Holdings LP Pet Food 320.00 - -
5/8/2019 Sergeant's Pet Care Products PetIQ, Inc. Animal Health 185.00 - -
4/26/2019 Aratana Therapeutics, Inc. Elanco Animal Health, Inc. Animal Health 210.09 5.4x -
4/24/2019 Pet Releaf Ltd. Elixinol LLC Animal Health 6.30 3.1x -
3/19/2019 Infinite Pet Life NexTech AR Solutions Corp. Animal Health 1.85 0.8x 3.1x
2/26/2019 Animal Supply Co. LLC Summit Partners LP; Goldman Sachs Asset
M anagement LP; Shareholders
Retailers - - -
2/25/2019 Veterinary Specialists of North
America LLC
JAB Holding Co. SARL Veterinary Services - - -
1/14/2019 Therabis LLC Dixie Brands, Inc. Animal Health - - -
2 -
2
5
-
11
3 2 2
- 2 4 6 8
10 12
Strategic67%
Financial33%
Strategic Buyer Inv. Date Select Corporate Acquisitions
6/1/2019 ▪ Hero Pet Brands LLC
5/29/2018 ▪ Vetscience LLC
11/8/2017 ▪ Corta-Flx, Inc.
9/19/2017 ▪ PetzLife Products, Inc.
5/8/2019 ▪ Sergeant's Pet Care Products, Inc.
10/17/2018 ▪ HBH Enterprises
1/8/2018 ▪ Community Veterinary Clinics LLC / VIP Pet Care
Mars, Incorporated 4/14/2019 ▪ P&G Pet Food Brands
9/18/2018 ▪ Pet Care Centro Veterinário SA
6/11/2018 ▪ AniCura
4/10/2018 ▪ OptiGen LLC
1/11/2018 ▪ Genoscoper Laboratories Oy
1/9/2017 ▪ VCA, Inc.
8/2/2018 ▪ Slate Hall Veterinary Services Limited and Corner House Equine Clinic Limited
8/1/2018 ▪ Gilabbey Veterinary Hospital
6/30/2018 ▪ Dierenkliniek de Tweesprong
6/29/2018 ▪ Troytown Greyabbey Equine Veterinary Services
6/29/2018 ▪ Yoredale Vets Limited
6/19/2018 ▪ Robert Jones Veterinary Surgery
5/10/2018 ▪ Bennett Williams Vets
5/1/2018 ▪ Western Counties Equine Hospital Ltd.
3/6/2018 ▪ Keown O Neill Limited
6/12/2018 ▪ Pioneer Naturals Pet Foods
5/31/2018 ▪ Great Life Petfood LLC
5/29/2018 ▪ Wild Calling! Pet Foods LLC
Manna Pro Products LLC
PetIQ, Inc.
CVS Group plc (AIM:CVSG)
Barkstrong LLC
Financial Buyer Inv. Date Select Corporate Acquisitions
JAB Holding Co. SARL 6/17/2019 ▪ National Veterinary Associates, Inc.
2/25/2019 ▪ Veterinary Specialists of North America LLC
Guardian Capital Partners LLC 1/3/2019 ▪ R2P Group, Inc.
12/19/2018 ▪ OurPet's Co.
Olympus Advisors LLC (Petmate) 11/16/2018 ▪ Gen 7, Inc.
3/13/2018 ▪ GAMMA2, Inc.
5/22/2017 ▪ Doskocil Manufacturing Co., Inc. (dba Petmate)
TSG Consumer Partners (Radio Systems Corp) 11/5/2018 ▪ IFD, Inc. (Kentucky)
10/18/2018 ▪ Kurgo
3/20/2017 ▪ Solvit Products
5/31/2016 ▪ The Piddle Place, LLC
6/11/2018 ▪ Spring Meadows Natural Pet Food
4/23/2018 ▪ Naturawls Pet Products
1/31/2018 ▪ Pets 4 Life
9/17/2017 ▪ Mountain Dog Food
11/13/2017 ▪ Animal Health Clinic of Baton Rouge LLC
11/13/2017 ▪ The Petz Plaza LLC
10/26/2017 ▪ Shadow Ventures LLC
10/18/2017 ▪ Pet Health Center LLC
10/16/2017 ▪ Dog Days Westside LLC
10/5/2017 ▪ All Star Kennels LLC
10/4/2017 ▪ Snoutopia Lewisville LLC
5/30/2017 ▪ Destination Pet LLC
Opus Equity Partners LLC; McLarty Capital
(Destination Pet LLC)
Dane Creek Capital Corp.
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Pet Food & Treats Retailers Hard Goods Animal Health S&P 500
C o mpany N ame Symbo lM arket Cap
($ in M il)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
M argin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Nestlé SA NESN-CH 304,386 103.65 6.5% 26.6% 98.3% 5.9% 22.0% 3.5x 16.6x 30.2x 3.5x 16.1x
Colgate-Palmolive Co. CL-US 61,882 71.67 4.6% 20.4% 96.5% 2.7% 27.4% 4.4x 15.8x 26.7x 4.3x 15.7x
The J. M . Smucker Co. SJM -US 13,252 115.19 (1.1%) 23.2% 89.7% 0.6% 21.9% 2.4x 11.1x 25.5x 2.4x 10.9x
Freshpet Inc. FRPT-US 1,609 45.51 7.6% 41.5% 87.8% 31.6% 0.6% 8.0x NM NM 6.0x NM
Central Garden & Pet Co. CENT-US 1,494 26.95 5.4% (21.8%) 59.9% 4.1% 11.0% 0.8x 9.6x 15.6x 0.8x 8.3x
Segment A verage 4.6% 18.0% 86.4% 9.0% 16.6% 3.8x 13.3x 24.5x 3.4x 12.7x
Segment M edian 5.4% 23.2% 89.7% 4.1% 21.9% 3.5x 13.4x 26.1x 3.5x 13.3x
M arket Stats Operat ing Stats LT M M ult iples N T M M ult iples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Tractor Supply Co. TSCO-US 13,344$ 108.80$ 11.3% 30.4% 99.2% 8.3% 8.2% 1.7x 15.4x 24.9x 1.6x 13.9x
PetMed Express, Inc. PETS-US 311 15.67 (31.2%) (32.6%) 34.9% 1.1% 13.0% 0.8x 4.4x 8.5x 0.8x 5.0x
Segment Average (10.0%) (1.1%) 67.0% 4.7x 10.6x 1.2x 9.9x 16.7x 1.2x 9.5x
Segment Median (10.0%) (1.1%) 67.0% 4.7x 10.6x 1.2x 9.9x 16.7x 1.2x 9.5x
Market Stats Operating Stats LTM Multiples NTM Multiples
C o mpany N ame Symbo lM arket Cap
($ in M il)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
M argin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
The Clorox Co. CLX-US 19,462$ 153.11$ (4.6%) (0.7%) 91.3% 2.2% 19.8% 3.5x 16.7x 25.1x 3.5x 16.4x
Church & Dwight Co., Inc. CHD-US 18,109 73.06 2.6% 11.1% 92.2% 7.4% 26.2% 4.7x 20.9x 31.3x 4.5x 19.1x
Spectrum Brands Holdings, Inc. SPB-US 2,580 53.77 (1.8%) 27.3% 58.0% 22.3% 10.3% 1.4x 9.2x NM 1.3x 8.6x
Central Garden & Pet Co. CENT-US 1,494 26.95 5.4% (21.8%) 59.9% 4.1% 11.0% 0.8x 9.6x 15.6x 0.8x 8.3x
Oil-Dri Corp. of America ODC-US 188 34.04 9.3% 28.5% 72.8% NM 8.0% 0.8x 10.4x NM NM NM
Jewett-Cameron Trading Co. Ltd. JCTCF-US 35 8.30 (2.9%) 16.7% 83.0% NM NM 0.6x 8.0x NM NM NM
Boss Holdings, Inc. BSHI-US 33 15.50 (6.1%) (8.4%) 82.9% NM NM 0.4x NM NM NM NM
Segment A verage 0.3% 7.5% 77.2% 9.0% 15.1% 1.8x 12.5x 24.0x 2.5x 13.1x
Segment M edian (1.8%) 11.1% 82.9% 5.7% 11.0% 0.8x 10.0x 25.1x 2.4x 12.5x
M arket Stats Operat ing Stats LT M M ult iples N T M M ult iples
C o mpany N ame Symbo lM arket Cap
($ in M il)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
M argin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
M erck & Co., Inc. M RK-US 218,201$ 83.85$ 0.8% 9.7% 96.9% 6.9% 39.6% 5.4x 14.5x 26.5x 5.1x 12.4x
Eli Lilly & Co. LLY-US 109,451 110.79 (14.6%) (4.3%) 83.8% (7.4%) 30.7% 5.1x 16.2x 42.8x 5.4x 15.9x
Sanofi SAN-FR 108,922 86.45 (3.6%) 0.3% 94.5% 7.8% 29.2% 3.3x 13.2x 21.2x 3.0x 9.6x
Zoetis, Inc. ZTS-US 54,361 113.49 12.7% 32.7% 97.4% 8.0% 36.2% 10.0x 26.9x 39.7x 9.3x 22.4x
Henry Schein, Inc. HSIC-US 10,361 69.90 16.3% 13.6% 76.5% (23.2%) 9.2% 1.0x 11.9x 21.2x 1.2x 13.8x
Neogen Corp. NEOG-US 3,176 62.11 8.2% 9.0% 63.8% NM NM 7.2x 34.5x NM 6.7x 30.3x
Trupanion, Inc. TRUP-US 1,231 36.13 10.4% 41.9% 77.4% 27.5% 0.4% 3.7x NM NM 2.9x NM
PetIQ, Inc. PETQ 755 32.96 4.9% 40.4% 75.0% 15.6% 4.9% 1.5x 27.9x NM 1.3x 14.4x
Phibro Animal Health Corp. PAHC-US 642 31.77 (3.7%) (1.2%) 58.2% 2.6% 14.3% 1.8x 12.6x 18.9x 1.8x 11.6x
Akorn, Inc. AKRX-US 652 5.15 46.3% 51.9% 26.2% 4.0% (12.1%) 1.9x NM NM 1.8x 13.4x
Heska Corp. HSKA-US 652 85.17 0.1% (1.1%) 74.4% 8.1% 4.0% 5.3x 48.7x NM 5.0x NM
Aratana Therapeutics, Inc. PETX-US 256 5.16 43.3% (15.8%) 72.1% 44.2% (91.0%) 5.6x NM NM 3.8x NM
RiceBran Technologies RIBT-US 98 2.91 (21.8%) (3.0%) 75.2% 162.2% (40.6%) 4.7x NM NM 1.6x NM
Sonoma Pharmaceuticals, Inc. SNOA-US 10 7.92 (6.4%) 23.5% 31.4% NM NM 0.2x NM NM 0.1x NM
Jaguar Health, Inc. JAGX-US 7 4.70 (76.0%) (70.7%) 2.7% 348.0% (332.2%) 41.0x NM NM 0.9x NM
Segment A verage 1.1% 8.5% 67.0% 46.5% (23.7%) 6.5x 22.9x 28.4x 3.3x 16.0x
Segment M edian 0.8% 9.0% 75.0% 8.0% 4.9% 4.7x 16.2x 23.8x 2.9x 13.8x
M arket Stats Operat ing Stats LT M M ult iples N T M M ult iples
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Date Target B uyer (s ) SegmentAmount
($ in Mi l )
TEV/
Rev
TEV/
EB ITDA
6/17/2019 National Veterinary Associates, Inc. JAB Holding Co. SARL Veterinary Services - - -
6/4/2019 Mason Co. (Ohio) Midmark Corp. Hard Goods - - -
6/4/2019 Reilly's Hemp, Inc. ICC Holdings LLC Animal Health - - -
6/3/2019 Infinite Interactions LLC Cannabis Sativa, Inc. Animal Health - - -
6/1/2019 Hero Pet Brands LLC Manna Pro Products LLC; Morgan Stanley Capital Partners Animal Health - - -
5/23/2019 C.J. Foods, Inc. Bain Capital Holdings LP Pet Food 320.00 - -
5/8/2019 Sergeant's Pet Care Products, Inc. PetIQ, Inc. Animal Health 185.00 - -
4/26/2019 Aratana Therapeutics, Inc. Elanco Animal Health, Inc. Animal Health 210.09 5.4x -
4/24/2019 Pet Releaf Ltd. Elixinol LLC Animal Health 6.30 3.11 -
4/4/2019 Nilodor, Inc. Hospital Specialty Co. Hard Goods - - -
4/1/2019 Embrace Pet Insurance Agency LLC NSM Insurance Group LLC Pet Care Services - - -
3/22/2019 Classic Brands LLC Merit Capital Partners; Aiglon Capital Management LLC;
Shareholders
Hard Goods - - -
3/19/2019 Infinite Pet Life NexTech AR Solutions Corp. Animal Health 1.85 0.84 3.08
3/11/2019 Animal Profiling International, Inc. ANIMART LLC Animal Health - - -
3/11/2019 Infusionz LLC Golden Developing Solutions, Inc. Animal Health - - -
3/6/2019 Pets Best Insurance Services LLC Synchrony Financial Pet Care Services - - -
3/5/2019 Link AKC Smart Tracking Technologies LLC Pet Tech - - -
2/28/2019 Harriet Carter Gifts, Inc. JH Partners LLC; AmeriMark Direct LLC; Prudential Capital
Group
Retailers - - -
2/26/2019 Animal Supply Co. LLC Summit Partners LP; Goldman Sachs Asset Management LP;
Shareholders
Retailers - - -
2/25/2019 Veterinary Specialists of North America LLC JAB Holding Co. SARL Veterinary Services - - -
2/21/2019 Hampshire Pet Products LLC Arbor Investments Management LLC; Red Collar Pet Foods,
Inc.
Pet Food - - -
1/14/2019 Therabis LLC Dixie Brands, Inc. Animal Health - - -
1/9/2019 LBC Bioscience, Inc. Optium Cyber Systems, Inc. Animal Health - - -
1/9/2019 Innovetive Petcare, Inc. Metalmark Capital LLC Veterinary Services - - -
1/4/2019 Invisible Fence South Radio Systems Corp. Pet Tech - - -
1/4/2019 Veterinary Healthcare Grey Wolf Animal Health Hard Goods - - -
1/3/2019 R2P Group, Inc. Guardian Capital Partners LLC; Hyper Pet LLC Hard Goods - - -